As markets take in business earnings, US equities increase
Business
Wall Street closes higher, GM increases by more than 8% as Caterpillar falls by 4.8%
NEW YORK (Web Desk) - As investors digested significant earnings reports and prepared for this week s central bank interest rate announcements, Wall Street equities edged higher on Tuesday.
Before the opening bell, Caterpillar, a maker of construction equipment, published mixed fourth quarter earnings stressing how increased transportation and material costs hurt profitability.
However, General Motors experienced better fourth-quarter profits and the resolution of its logistical issues improved its forecast for 2023.
Wall Street closes higher and posts gains for the week.
General Motors increased by more than 8 percent while Caterpillar fell by 4.8 percent. A lesser rate increase of 25 basis points is anticipated to be announced by the US Federal Reserve at the conclusion of its two-day policy meeting as inflation shows signs of abating.
Dow Jones Industrial Average increased 0.1 percent to 33,761.88 around 15 minutes into trade.
The S&P 500 Index increased by 0.3 percent to 4,027.90, while the tech-heavy Nasdaq Composite Index increased by 0.4 percent to 11,442.82.
Pfizer also reported record earnings for 2022 but it issued a warning that sales of its Covid-19 oral medication and vaccine will decline this year.
